European Central Bank (ECB) board member Fabio Panetta has proposed a dark future where digital assets can be used among investors by more than just gambling.

Speaking at the Bank for International Settlements Annual Conference on June 23, Panetta said that the perception of crypto as a "solid store of value" among investors is beginning to dissipate. According to the ECB official, the highly volatile nature of crypto-assets makes them suitable for gambling.
“Crypto has not turned into an innovative and robust financial product due to current limitations. Instead, it has turned into a harmful financial product. The crypto ecosystem is full of market failures and negative dog factors. If regulatory measures are not taken, further distress is inevitable,” Panetta said.
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Politicians should be wary of supporting a sector that has so far provided no societal benefit and is increasingly trying to integrate into the financial system to gain legitimacy as part of that system.
Panetta claimed that it is impossible for crypto transactions to be secure, scalable and decentralized.
“Crypto enthusiasts better remind you that new technology does not eliminate financial risk,” the ECB official said.
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